Bank Asya plans to enter Indian banking sector

Mumbai, July 12 (UNI) Turkish lender BankAsya will open a representative office in the Metropolis after seeking permission of Reserve Bank of India (RBI) in a month.

BankAsya CEO Onal Kabaca told reporters here that the bank has also plans to open it first overseas branch in India, which is likely to set up in six months after securing the required license from the Central bank.

''The permission of RBI will be sought in a month to open the representative office of the Bank in Mumbai. We are also planning to float joint ventures with Indian Banks.'', he said.

Until this time, no bank from Turkey had set up a branch in India.

Bank Asya had total deposits of US Dollar 3 Billion from 800,000 individual customers and another 55,000 in corporate and Small and Medium Enterprises(SME) segment.

In the media interaction with the Turkish delegation, which was organized by All India Association of Industries(AIAI), Mr Kabaca said the Bank would also explore possibilities of raising funds from Individual players and overseas investors.

''The bank will grow through organic routes and will double up the base capital by the year 2009.'', said Kabaca.

UNI